Property Markets / Transactions

Farm sales see 20 per cent increased as demand outstrips supply

Property Markets / Transactions

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National farm sales have increased by 20 per cent to $20.3 billion over 12 months, thanks to local, corporate, institutional and offshore capital, according to Landmark Harcourts’ latest Benchmark Report.

The rise was driven by increased competition for fewer listings, with farmers holding their properties amid profit rises spurred by souring agricultural exports.

Landmark Harcourts general manager Mark Brooke said demand was still outstripping supply when it came to rural property in Australia.

While median prices increased in most states, the total number of rural sales fell, Landmark Harcourts figures show.

NSW saw $8.9 billion worth of transactions, up from $7.9 billion in 2016, accounting for almost half of the national total, however the number of sales fell to 18,311 from more than 22,000 last year.

In Victoria, total rural sales were above $4.3 billion up from $3.7 billion last year, while Queensland transactions almost doubled to $3.2 billion from $1.8 billion last year, with both states recording fewer sales.

South Australia recorded almost $1.5 billion of farm sales in 2017, up from $934 million in 2016, while WA sales totalled almost $1.8 billion, up from $1.7 billion last year, though median prices fell. Tasmanian recorded more than $500 million, with median prices also falling.

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